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Uganda selects two bidders for oil refinery project

Staff writer |
Two consortia from Russia and South Korea have emerged as the final bidders of Uganda's $2.5 billion refinery after two others from China and Japan were knocked out of the bidding process, the Ministry of Energy said.

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Uganda is keen to add value to its crude output to maximise earnings from its hydrocarbon reserves, which were discovered in the country along its border with the Democratic Republic of Congo in 2006. Government geologists estimate reserves at 3.5 billion barrels.

The ministry said in statement that a consortium led by South Korea's SK Energy Co. and another led by Russia's RT-Global Resources had been selected to proceed to the final phase of the bidding process.

#Government will commence negotiations with the two preferred bidders. The two consortia will be expected to submit their respective best and final offers by the end of August 2014,# the statement said.

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